CENTURY ALUMINUM (CENX $6.68, rated Neutral; price target lowered to $5/share from $8/share) LOWER ESTIMATED NEAR TERM LME ALUMINUM INGOT PRICES LOWER EARNINGS AND CASH FLOW ESTIMATES FACILITATING THE NEED FOR ESTIMATED FUTURE FINANCING 8/7/2012
DULUTH METALS (DULMF $1.86, Neutral; Price target reduced from $15/share to 7/share) ALTERNATE NOKOMIS/MATURI CAPITAL EXPENDITURE ESTIMATES ANALYZED; JUNE 13TH PUBLISHED MINERAL GRADES FALL; ANALYSIS OF NI 43-101 STUDY PUBLISHED ON JULY 30th 8/7/2012
ALCOA (AA $8.42, rating NEUTRAL; PRICE TARGET cut to $10 from $13/share) EARNINGS ESTIMATES CUT WITH ALUMINUM PRICES, OFFSET IN PART BY ESTIMATED $400 MM HYDRO GAIN AND HIGHER MIDWEST PREMIUMS 8/8/2012
CAMECO (CCJ $20.84; rated NEUTRAL) COVERAGE INITIATED ON WORLD’S LARGEST URANIUM PRODUCER 8/12/2012
CLAUDE RESOURCES (CGR $0.74, not rated) FAVORABLE COMMENTS FROM AUGUST 9TH VISIT TO SEABEE MINE & ONE MILLIONTH OZ CELEBRATION 8/12/2012
NOVAGOLD RESOURCES (NG $4.50, not rated) VISIT TO 50%-OWNED GALORE GREEK DEPOSIT & NEIGHBORS COPPER FOX METALS AND ROMIOS GOLD 8/16/2012
SILVER WHEATON (SLW $30.75 rated neutral with $24 up from $23 price target) POSITIVE IMPACT OF HUDBAY TRANSACTION, PARTIALLY OFFSET BY REDUCED ANNUAL PRODUCTION FROM PASCUA LAMA, REMOVAL OF NAVIDAD PROJECT AND SILVER PRICE EROSION 8/15/2012
SEABRIDGE GOLD (SA $15.05, not rated) FAVORABLE COMMENTS ON ENVIRONMENT AND INFRASTRUCTURE FROM AUGUST 13TH SITE VISIT 8/17/2012
TECK RESOURCES (TCK $29.75, rated Overweight with $63 price target) FAVORABLE COMMENTS FROM VISIT TO 50%-OWNED GALORE GREEK DEPOSIT AND NEIGHBORS COPPER FOX METALS AND ROMIOS GOLD 8/17/2012
ALUMINA LTD. (AWC $2.92, RATING LOWERED FROM OVERWEIGHT TO NEUTRAL; PRICE TARGET LOWERED FROM $7.50 TO $4.00); LOWER ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS; ESTIMATED EQUITY ISSUANCE TO FUND POTENTIAL CASH SHORTFALL 8/17/2012